GOLD Technical outlook and review.

The bears have been well and truly selling price hard recently, however the buyers have begun to make an appearance around an ignored daily decision-point level at 1292.52. If price breaks below here, be prepared for a bullish reaction of some kind around the daily S/R flip level at 1277.36.

4hr TF.

Price has indeed broken below the low 1304.77 as reported would likely happen in the last analysis. Price now remains trading between the aforementioned low, which is now resistance, and a 4hr S/D flip area at 1284.77-1280.53.

There is very little to the left on this timeframe (other than the ignored daily decision-point level on the daily timeframe – see above) that will likely cause much of a problem to the sellers if they want to reach the aforementioned 4hr S/D flip area. However we should not totally discard the fact that price may rally back up to the 4hr S/R flip level at 1304.77 before price finally drops to the 4hr S/D flip area (levels above).

Pending/P.A confirmation orders:

• No pending buy orders (Green line) are seen in the current market environment.
• P.A confirmation buy orders (Red line) are seen just above the S/D flip area (1284.77-1280.53) at 1285.71. We have set a P.A confirmation buy order here simply because we could not find a logical area for the stop-loss order, so to avoid any deep spikes; we have decided to wait for confirmation.

• No pending sell orders (Green line) are seen in the current market environment.
• New P.A confirmation sell orders (Red line) are seen just below the S/R flip level (1304.77) at 1303.40. The reason a P.A confirmation sell order was used here is simply because price could very well ignore this area completely and revisit the D/S flip area just above at 1307.58-1315.67, hence the need to wait for confirmation.

• Areas to watch for buy orders: P.O: There are currently no pending buy orders seen in the current market environment. P.A.C: 1285.71 (SL: (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).

• Areas to watch for sell orders: P.O: There are currently no pending sell orders seen in the current market environment. P.A.C: 1303.40 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).